What is SMI?
The Bankrate.com financial term of the day is: "SMI."
SMI stands for "Supplementary Medical Insurance," and it refers to one of the two trust funds that fuel Medicare, the government health insurance program for seniors. The SMI Trust Fund pays for health care services under Medicare Parts B and D, which cover outpatient medical services, including doctor visits and prescription drugs. There's a separate trust fund that pays Medicare hospital benefits, called the Hospital Insurance Trust Fund.
SMI spells Medicare money. It's one of the trust funds that keep Medicare in business for 48.7 million older Americans.
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